Long

The bigger perspective, with a less bold prediction

Updated

Note

So far, everything sailing according to plan... The fake H&S of the smaller timeframes was a bear trap bait, and we're now past the first overextended retracement (green Fib) to complete this second larger overextension pattern supported on the 38.20% level of the left white Fib. The overextension zone in the right (coincidentially! wow!) meets the 50% of the wedge's Fib on the left, so I expect it to be somewhat a big resistance, although we're in a strong trend channel and not even close to the overbought zone in RSI.

We'll also (coincidentially, wow! /sarcasm) meet in the overextension zone the 200-day EMA, so again as I said in the original post, the red forecast arrow is the most probable one, specially with Stochastich this overbought.

Trade closed: target reached

I sense a bull trap in the makings. Ofc, the people who were correct two weeks ago (aham...) selling this level might tank the correction deeper than the red arrow I forecasted initially if the new buyers have weak hands. I'm more than ready to rebuy at 78.60%-61.80% levels (right white Fib). You sirs, have been warned! Good luck everyone!

Trade closed: target reached

the smile on one's face when the checkmark of success shows up... :D

Let´s nail the next one!

elpokor

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